Analysts: 2018 a better year for O&G sector, but not its workers


Hah!

Dateline 2018-03-08, FMT:

The oil and gas sector will fare better in 2018, on the back of higher oil prices.

But this may not translate to many new jobs or higher salaries, say industry sources.

Speaking to FMT, one oil and gas analyst said while recent developments at home and abroad were encouraging, companies were likely to remain cautious with spending.

“I estimate that throughout 2018, the oil price will be between US$60 and US$65 per barrel. Petronas is basing its budget on a more conservative US$52 per barrel,” said the analyst who spoke on condition of anonymity.

“The fact that the oil price now sits above the US$60 per barrel mark brings some ‘sunlight’ into the sector.”

Still, he said, the industry, which in recent years saw massive cutbacks and retrenchments due to plummeting prices, was a long way from full recovery.

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